Einde inhoudsopgave
Draft Common Frame of Reference
X. — 9:106 Notice of termination and its effects
Geldend
Geldend vanaf 01-01-2009
- Redactionele toelichting
De dag van de datum van afkondiging is gezet op 01. De datum van inwerkingtreding is de datum van afkondiging.
- Bronpublicatie:
01-01-2009, Internet 2009, ec.europa.eu (uitgifte: 01-01-2009, kamerstukken/regelingnummer: -)
- Inwerkingtreding
01-01-2009
- Bronpublicatie inwerkingtreding:
01-01-2009, Internet 2009, ec.europa.eu (uitgifte: 01-01-2009, kamerstukken/regelingnummer: -)
- Vakgebied(en)
Civiel recht algemeen (V)
EU-recht / Bijzondere onderwerpen
Internationaal privaatrecht / Algemeen
(1)
A truster or beneficiary exercises a right to terminate by giving notice in writing to the trustees.
(2)
A trust or part of a trust which is terminated by the truster takes effect from that time as a trust for the benefit of the truster.
(3)
Where a beneficiary, exercising a right to terminate, instructs the trustee to transfer to someone other than the beneficiary, notice of termination vests in that person the right to benefit from the fund or part of the fund which is to be transferred.
(4)
Unless the transfer is impossible or unlawful, the trustee is obliged to transfer the fund or part of the fund in accordance with the notice of termination and without delay. The obligation to transfer supersedes the obligation to administer and dispose of the fund or part in accordance with the trust terms.
(5)
If a transfer is impossible because it would require the grant of an undivided share in an asset for which undivided shares are not allowed, the trustee is obliged:
- (a)
to divide the asset and transfer the divided share, so far as this is possible and reasonable; and otherwise
- (b)
to sell the asset, if this is possible, and transfer the corresponding share of the proceeds.
(5)
The trust is terminated when and to the extent that the required transfer is made.